Video gaming is one of the fastest-growing sectors in the industry. This segment registered notable growth in 2020 even though most businesses were affected by the outbreak of the COVID-19 pandemic.
The creation, promotion, and monetization of video games are included in the video game industry.
The market size for video gaming globally was valued at $175 billion in 2021. The video gaming market grew by 13% in 2021, as the entry of many new companies led to an increase in demand for games. The demand for video gaming grew as indoor game activities increased following the shutdown of outdoor games owing to the pandemic and people globally spent most of their time at home due to the lockdowns.
Video gaming industry has been adopting new strategies to address the growing demand of customers and make their experience more user friendly.One such strategy by video gaming industry is the migration from console gaming to mobile gaming thereby making games accessible across wide spectrum of digital platforms.
Furthermore, new players are offering free to play games on trial basis to customer in order to garner their interest.
Key markets in video gaming globally include China,US, Japan, South korea, and UK.
The video gaming market globally grew at a CAGR of 12% during 2017–2021. This explains the increase in the consumer base of the segment as the growth is aided by the increase in the number of smartphone users and the roll-out of 5G services in many regions globally.
Late in 2020, Microsoft and Sony released their next-gen consoles, ushering in a new era of hardware for the video gaming industry. Both companies claimed that despite the high-end models of both consoles costing more than the earlier models, the effect of the pandemic on the economy would not affect their sales.
Sony and Microsoft registered sales of 10.9 million units and 5.6 million units, respectively, at the end of 2020.
Many companies in the gaming industry are bringing digitization and user-friendly engagement to their gaming platforms to enhance the user’s gaming experience.
The major companies that have a strong presence in the global video gaming market include Electronic Arts, Nintendo, Zero Games Studio, Sony, and Ubisoft.
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